IMF whacks global growth outlook

• The global economy will grow just 0.5% in 2009 versus a November forecast for 2.2% growth, the IMF World Economic Outlook will say, according to a Reuters source.
• The US will contract 1.6% in 2009, vs the 0.5% November forecast
• The eurozone will contract 2% versus the 0.5% forecast in November
• Japan will contract 2.6% in 2009 versus the prior 0.2% decline they forecast in November.

The sharply downwardly revised forecast should add to the risk averse environment which has dominated markets for months and keep commodity rebounds from extending too far to the topside.